Cupola Awning Corporation Introduced a new line of commercial awnings in 2018 that carry a two year warranty against manufacturer's defects. Based on their experience with previous product introductions, warranty costs are expected to approximate 3x of sales Sales and actual warranty expenditures for the first year of selling the product were Metal Warranty $5,000,000 Required: 1. Does this situation represent a loss contingency? 2. Prepare journal entries that are sales of the wings assume all credit sales and any aspects of the warranty that should be recorded during 2018 3. What amount should Cupola report as a liability of December 31, 2018? Complete this question by entering your answers in the tabs below. Does this station representa los contingency? MacBook Air VASDOOHORO command COMAS